RMG export to EU reaches US$ 13.92b in July-Jan

RMG export to the European Union has reached US$ 13.92 billion in July-January of the Fiscal Year (FY) 2023-24, according to the Export Promotion Bureau (EPB). With an increase of 1.32% compared to the same period of previous FY, the export to Spain, France, Netherlands and Poland showed 6.05%, 4.25%, 11.77% and 20.30% growth respectively. However, local apparel exports to Italy declined by 1.81%, reports UNB. On the other hand, Germany, the largest export market in the EU, reduced its import by 13.46% with an amount of US$ 3.51 billion compared to July-January 2022-23. The RMG export to the USA declined by 3.90 % with US$ 4.79 billion in the first seventh months of FY 2023-24. At the same time, exports to the UK and Canada reached US$ 3.31 billion and US$871.27 million in FY 2023-24, showing an increase by 12.98 % and 0.68% respectively. During July-January of the FY 2023-24, the apparel export to non-traditional markets went up by 11.69% to US$ 5.46 billion from US$ 4.89 billion in the corresponding period of previous year. Among the major non-traditional markets, exports to Japan, Australia and South Korea increased by 8.74%, 23% and 17.57% respectively. However, the apparel export to India declined by 21.86%.

Source: https://today.thefinancialexpress.com.bd/trade-market/rmg-export-to-eu-reaches-us-1392b-in-july-jan-1709660768

Deposit, lending rates of NBFIs go up

The interest rates of deposits and loans in the non-bank financial sector of Bangladesh have increased despite the cut in margins since the benchmark rate is on the rise. According to a notice issued yesterday by the central bank, the highest interest or profit rate on deposits offered by non-bank financial institutions (NBFIs) will be SMART plus 2.5 percent, down from 2.75 percent in November. The lending rate against loans, leases, or investments will be SMART plus 5.5 percent. The margin was 5.75 percent earlier. SMART refers to the Six-Month Moving Average Rate of Treasury Bills. The current SMART is 9.61 percent, up from 7.72 percent in November. Consequently, the deposit rate will now be a maximum of 12.11 percent against 10.47 percent in November. Similarly, the lending rate will be 15.11 percent, an increase from 13.47 percent. The new rates will be applicable for new deposits and loan disbursements, the BB said. Earlier on February 28, the BB cut the lending rate margin by 25 basis points for banks as well. Now, banks are allowed to impose a 3.5 percent margin with SMART in the case of loans, down from 3.75 percent previously. The lending rate margin has been set at 2.5 percent instead of 2.75 percent in the case of loans for pre-shipment export and agriculture.

Source: https://www.thedailystar.net/business/economy/news/deposit-lending-rates-nbfis-go-3559596

Bank transactions from 9:30am to 2:30pm during Ramadan

Banks in Bangladesh will remain open from 9:30am to 4pm during Ramadan, but transactions will be allowed til 2.30pm. According to a Bangladesh Bank circular issued today (5 March), there will be a break for Zuhr prayers from 1:15pm to 1:30pm. Banks can coordinate internally and continue the banking transactions during this break. After the end of Ramadan, the banking hours will revert to the previous schedule (10am to 5pm).

Source: https://www.tbsnews.net/economy/banking/bank-transactions-930am-230pm-during-ramadan-803802